2023 Amendment to Money Laundering Rules Quiz
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Questions and Answers

Who will now be considered a beneficial owner under the tightened definition?

  • Any individual or group holding 15% ownership
  • Any individual or group holding 10% ownership (correct)
  • Any individual or group holding 5% ownership
  • Any individual or group holding 20% ownership

    • Which entities are considered 'reporting entities' under the anti-money laundering law?

  • Banks, financial institutions, real estate firms, and jewelry sectors (correct)
  • Banks, financial institutions, real estate firms, and casinos
  • Banks, financial institutions, and non-profit organizations
  • Banks, financial institutions, and cryptocurrency firms

    • What additional requirement has been prescribed for due diligence under the amended rules?

  • Disclosure of beneficial owners only for non-profit organizations
  • Disclosure of beneficial owners for real estate firms only
  • Disclosure of beneficial owners for all types of clients
  • Disclosure of beneficial owners beyond current KYC norms (correct)

    • Where are reporting entities required to register details of non-profit organizations?

    <p>DARPAN portal of NITI Aayog</p> Signup and view all the answers

    What does the amendment define in relation to Politically Exposed Persons (PEPs)?

    <p>It expands the definition of PEPs</p> Signup and view all the answers

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